Islamabad: Saudi Arabia, through the Saudi Fund for Development (SFD), has announced an extension of the $3 billion deposit term placed with the State Bank of Pakistan (SBP). The deposit, initially set to mature on December 5, 2024, will now be extended for an additional year, providing continued support to Pakistan’s foreign exchange reserves and contributing to the nation’s economic growth.
According to State Bank of Pakistan, the original $3 billion deposit agreement was signed with SFD in 2021 and has been rolled over in subsequent years as part of Saudi Arabia’s ongoing support. This extension reflects the close relationship between the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan, underscoring their commitment to economic cooperation and development.